This is a ChatGPT-free Zone
I might as well write about this old, classic sum-of-the-parts investment too. It’s well known in the value investing community, so nothing new here either except a fresh update. For those who this is new to, it’s a conglomerate that is run by the Tisch family. Of course, I think many people know Larry Tisch,…
Crude oil prices have been tanking recently with the stock market and other commodities. I just thought I’d mention an interesting thing about crude oil prices which might have some relevance for people looking at oil company stocks and oil price ETFs. The November 2011 contract for WTI crude closed today at $77.12, quite a…
OK, this is one of the oldest stub trades ever and hasn’t really been an exciting one. Marty Whitman of the Third Avenue Value fund has owned it forever. For those interested in actionable ideas right now, look at some of the financials. You can skip this post. Also, I’m sure many value investors have…
The Dow is down another 170 points this morning after being down 260 points yesterday. The market is apparently now in bear market territory (-20% from a high). Are we headed for a crash? Who knows. It may happen. Mr. Market is emotionally unstable so trying to guess what will happen is like trying to…
Warren Buffett always says that investing is simple, but not easy. This is very true. The essence of it all is very simple. To do it successfully is not easy at all. I always analogize it to losing weight. The answer is quite simple: Just eat less and exercise more. Alas, how many people can…
This blog is getting boring, I know. All these financial companies with great historic track records at book value (JPM, GS, BRK). An incredible hedge fund manager available to the public (GLRE). Yawn. Nobody seems to care. But good investing isn’t supposed to be exciting. Sometimes, it’s boring. There’s nothing to get excited about. The…
GSV Capital (GSVC) is a stock that made headlines this past June when it bought a stake in Facebook that valued all of Facebook at $70 billion. For reference, Microsoft bought a stake back in October 2007 at a price that valued Facebook at $15 billion and Goldman Sachs invested (with clients) in January or…
Recently, a money manager wrote a four page memo wondering if the Harbinger Group (HRG) is the next Berkshire Hathaway. It’s a nicely written letter. Of course, as he says, every time someone says “the next Warren Buffett…”, you should put your hand on your wallet and make sure it stays in your pocket. Having…
Joel Greenblatt was on CNBC yesterday and said that the stock market is now, as measured by a ratio to free cash flow, in the 95th percentile of cheapness in the past twenty years. The market is typically up 15-20% a year after this kind of cheapness, and a value portfolio can be up mid-30s…
Greenlight Capital Re is a reinsurance company that was started up by David Einhorn of Greenlight Capital. Einhorn is one of the new generation hedge fund managers putting up impressive figures (along with Bill Ackman of Pershing Square) as a deep research, focused (concentrated) equity hedge fund. Einhorn does short stocks too so it is…